Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022
In exercise of the powers conferred by Sections 35A and Section 56 of the Banking Regulation Act, 1949 and Chapter IIIB of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
CHAPTER – I
PRELIMINARY
1. Short Title and Commencement
(a) These Directions shall be called the Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022.
(b) These Directions shall be effective from July 01, 2022.
2. Applicability
(a) The provisions of these Directions relating to credit cards shall apply to every Scheduled Bank (excluding Payments Banks, State Co-operative Banks and District Central Co-operative Banks) and all Non-Banking Financial Companies (NBFCs) operating in India.
(b) The provisions of these Directions relating to debit cards shall apply to every bank operating in India.
(c) These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank.
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